Fixed Income Clearing - MBS Division

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The Mortgage-Backed Securities Division (MBSD) is the sole provider of automated post-trade comparison, netting, electronic pool notification, pool comparison, pool netting and pool settlement services to the mortgage-backed securities market thus providing greater efficiency, transparency and risk mitigation to this specialized market.

***Important MBSD Operational Novation Information***
Implementation Date: July 31st, 2017
For Information on the latest Novated CUSIPs, refer to the MBSD Clearing Eligible Securities list

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Client Support – 1.888.382.2721
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Products and Services

MBS Novation


The MBS Novation initiative is a conversion to operational Novation, and a simplification of the netting and settlement process that will enable MBSD to eliminate inefficient processing, such as notification of settlement.

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Real-Time Trade Matching


Real-Time Trade Matching (RTTM®) enables dealers, brokers and other market participants to automate the processing of fixed income securities trades throughout the trading day.

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Electronic Pool Notification (EPN) is now the industry standard for agency mortgage-backed securities pool notification.

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Netting and Settlement Services


The Mortgage-Backed Securities Division (MBSD) of Fixed Income Clearing Corporation (FICC) provides comprehensive Netting and Settlement Services that address the unique needs of this specialized market.

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Automated Funds-Only Settlement Service


Fixed Income Clearing Corporation's (FICC) Automated Funds-Only Settlement Service provides a standardized, automated method for settling non-trade, funds-only obligations each day between FICC and its customers' settling banks.

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